05 Dec '11, 8pm

PowerGenix Claims “Major” Chinese Partner for Microhybrid Batteries: It was just a year ago that battery start...

PowerGenix Claims “Major” Chinese Partner for Microhybrid Batteries: It was just a year ago that battery start...

It was just a year ago that battery startup PowerGenix ditched its attempt to crack the consumer battery market to refocus on a little-known, but potentially massive automotive market : microhybrids. Looks like the shift worked out well. By year’s end, PowerGenix plans to sign a joint venture with a “large Chinese state enterprise” partner. By the end of 2012, the JV should be rolling out about 400,000 batteries per year, CEO Dan Squiller told me in a Monday interview. The company, which has raised $61 million to date, is also on the verge of announcing a new round of funding in the next month, he told me. (While he wouldn't say how much, Squiller told us last year that the company was seeking about $20 million.) Squiller wouldn’t provide many more details on the Chinese partner, except to say it was a “multibillion-dollar” supplier to domestic and international automakers...

Full article: http://www.greentechmedia.com/articles/read/powergenix-cl...

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